Half Year 2017 Brunello Cucinelli SpA Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Paola Carboni - Equita SIM S.p.A., Research Division - Analyst : Brunello, I have a few questions. First of all, for the rentals, the performance of rentals because in -- there has been some operating leverage in this first half that had not been there before. So I'd like to know, to what extent this has to do with the fact that you in-sourced the online business, you internalized it without any cost or whether there are any other elements, like rent renegotiation on other markets. Also, whether this improvement is sustainable for the full year, too. And then another question has to do with conversions, recent conversion from franchising to DOS -- from multibrand to DOS. We saw this in Canada and in Russia. Are there any further opportunities in the future in other markets? And then I have another question. On the other revenue components, which went up in the first half of this year compared to last year, if I can have some more detail, some more colors on this, and I'd like to understand what the effect of this was on margins. And then if you can give us any -- your expectation for the full year debt.